EUR/USD: Bears step in and force a breach of 1.0500 By pabspiovano EURUSD Majors Currencies
EMU, Germany Flash PMIs surprised to the downside.The single currency loses the grip and motivatesAfter three consecutive daily advances, EUR/USD now shows some signs of weakness and revisits the sub-1.0500 region, as concerns over a probable economic slowdown in the region have been exacerbated following the poor results from flash PMIs for the current month in the core Euroland.
In the meantime, market participants continue to digest the recent testimony by Chief Powell before the US Senate, where he suggested that further tightening could cause recession despite the probability of such scenario is not elevated right now. Powell also kept a 100 bps rate raise on the table. In the meantime, the single currency continues to closely follow any developments surrounding the ECB and its plans to design a de-fragmentation tool in light of the upcoming start of the hiking cycle.
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